Summit County real estate sales just keep on coming.

March extended the string of double digit Summit County real estate sales gains to five months running. Transactions in the month rose 25% year-over-year to 149 and were up 41% from the month of February.
The gains in dollars sales were even more impressive rising 37 % over a year ago to $83.1 million. Sales in February, while posting a strong gain over the prior year were only $50.3 million.
Year to date, transaction volume is up 26% to 382 sales. Dollar volume is up an even more impressive 30% to $199.9 million.
Sales in March were particularly strong at two price points. First, sales in $200,000 to $300,000 price range jumped to 25 versus half that many in February. Sales in the $1-$1.5 million range also saw a large increase from two in February to eight in March. We also saw 4 sales in the $1.5 to $2 million range and our first sale of the year over $3 million.
Given that strength at the high end of the market, it is not surprising that the average selling prices (ASPs) turned upward in the month as well. The ASP of a single family home year to date rose to $851,421 from $817,736 at the end of February. Single family ASPs were up 8% from the 2014 year end figure of $784,779.
With the large bump in volume in the $200,000-$300,000 range, which typically represent multi-family units, the year to date ASPs for multi-family sales dropped to $391,781 from $409,886 last month. They still are 7% above the average for all of last year. Vacant land pricing stayed relatively flat at $374,447.
While the strength in sales is certainly news, the big story is the level of inventories. Both single family and multi-family inventories are at or near 10 year lows. With sales expanding and inventories down, prices are likely to be on the rise this summer.